TUGA Signs Intent to Form Manufacturing Consortium for Advanced Urban EV

Portuguese design, engineer, and fabrication collaboration moves ahead

VANCOUVER, British Columbia and LISBON, Portugal, Nov. 28, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), a developer of solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce the execution of a non-binding letter of intent (“LOI”) for the creation of a consortium with the intent to produce the initial TUGA commercial prototypes, limited series product line, and continued advancements towards future production vehicles.

The proposed all-Portuguese consortium comprises TUGA Innovations, VANGEST Group (“VANGEST”), and Optimal Structural Solutions (“Optimal”) as an integrated amalgamation of ongoing efforts for the development of the TUGA three-wheeled, fully electric fore-and-aft 2-seat vehicles. The TUGA urban mobility solution is being designed to offer an optional suite of advanced digital communications and navigation aids and is no wider than a motorcycle for agility offering a patent-pending expanding rear axle for high-speed stability. The TUGA is also being designed to offer a patent pending expandable chassis designed for improved passenger comfort and cargo handling capability.

The LOI encompasses engineering design, dynamic and structural simulations, body moulding, interior design and fabrication, EU regulatory homologation, and integration of subsystems and components It is also proposed that the consortium will model, design, and implement standards of quality for planned future production and assembly of TUGA models at anticipated regional production units within specified sales territories across the globe. Initially, the consortium will be tasked with initiating the Portuguese sales and marketing efforts for high-end limited-edition vehicles, and aid in the implementation of proposed mobility as a service (MaaS) five-star ride-hailing and premium delivery services.

Nuno Cipriano, CEO of VANGEST says, “We have been actively working with TUGA Innovations since their concept prototype launch last year. Their project and team position themselves ideally with the expertise we have to offer; and we are looking forward to extending our partnership together.”

VANGEST is located 135km north of Lisbon and brings over 35 years of innovation and expertise employing integrated services. The company utilizes up-to-date technologies throughout its extensive industrial complex of facilities where twelve independently managed companies and over 300 skilled workers help design and undertake award-winning rapid prototyping, tooling, mould production and assembly of products to efficiently service the most demanding industries that build the future: including the automotive, aerospace, advanced electronics, and medical device sectors. For more information visit: https://www.vangest.pt/en/.